Janney Montgomery Scott LLC Sells 2,653 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Janney Montgomery Scott LLC decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 132,398 shares of the semiconductor company’s stock after selling 2,653 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Marvell Technology were worth $8,152,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MRVL. Point72 Asia Singapore Pte. Ltd. bought a new position in Marvell Technology during the fourth quarter valued at $234,000. Dynamic Advisor Solutions LLC lifted its position in Marvell Technology by 5.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company’s stock valued at $266,000 after purchasing an additional 206 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in Marvell Technology during the fourth quarter valued at $16,699,000. KLP Kapitalforvaltning AS bought a new position in Marvell Technology during the fourth quarter valued at $45,211,000. Finally, Yousif Capital Management LLC lifted its position in Marvell Technology by 8.4% during the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company’s stock valued at $927,000 after purchasing an additional 1,164 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer now owns 121,348 shares of the company’s stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the sale, the chief operating officer now directly owns 92,065 shares of the company’s stock, valued at $5,993,431.50. The trade was a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock worth $1,656,076 in the last three months. Company insiders own 0.19% of the company’s stock.

Marvell Technology Stock Down 1.9%

Marvell Technology stock opened at $73.51 on Friday. The firm has a market cap of $63.50 billion, a price-to-earnings ratio of -128.96, a price-to-earnings-growth ratio of 0.81 and a beta of 1.76. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The business’s 50-day moving average price is $62.02 and its 200 day moving average price is $84.50. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the previous year, the business posted $0.24 EPS. The business’s revenue was up 63.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s dividend payout ratio is currently -42.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Evercore ISI reduced their target price on shares of Marvell Technology from $135.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. China Renaissance began coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They set a “buy” rating and a $110.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Wednesday. Wall Street Zen upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Saturday. Finally, B. Riley restated a “buy” rating and issued a $115.00 price target (up from $110.00) on shares of Marvell Technology in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $96.33.

Marvell Technology Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.